German Exports to the Us and China Are Collapsing

tendata blogTrade Trends News

ten data blog23-01-2024

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German exports to countries outside the EU fell sharply in December. The decline was particularly pronounced in the most important trading partners, the United States and China.

German exporters' business with important overseas customers fell sharply in December. The Federal Statistical Office (Bundesanstalt für Statistik) preliminarily estimates that exports to countries outside the European Union fell by 4.0% compared to November, after calendar and seasonal adjustments. Compared to December 2022, they fell by 9.2%.

"In December 2023, the United States was also the most important trading partner for German exporters," the statistician explained. Compared to the same month last year, exports to the United States fell by 9.9 percent to 11.2 billion euros. Deliveries to China were worth 7.2 billion euros, a decline of 12.7 percent.

Other important buyers of German goods in other EU countries include Switzerland and Turkey. Exports to each of these countries fell by double-digit percentages. Compared to the same month last year, the number of people traveling to South Korea fell by 6.5 percent.

Better Business with the UK and Mexico

On the other hand, business with the United Kingdom rose strongly by 19.7% to €6.0 billion. Mexican trading partners purchased almost 16% more German products.

Trade with third countries accounted for almost half of Germany's total exports. Data on trade with EU partners are not yet available.

In November, exports rose again for the first time in several months, although this was mainly driven by exports to other EU countries.

According to calculations by the Kiel Institute for the World Economy (IfW), total German exports fell by 1.4 percent last year. They could stagnate in 2024 before growing significantly again next year.

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